President Rodrigo Duterte has approved the Land Bank of the Philippines’ acquisition of Philippine Postal Savings Bank.

Under Executive Order No. 44, the bank which will be known as Overseas Filipino Bank, previous owner Philippine Postal Corporation and the Bureau of Treasury were ordered to transfer their Postbank shares to Land Bank at zero value.

“The PPSB shall cause the expeditious transfer of all assets, liabilities, records, systems and other appurtenant items to LBP,” the Executive Order read.

The Land Bank was also ordered to infuse its capital to the OFB. The chairperson of Land Bank would serve as head of the 9-member board of directors of the OFB.

Postbank officers, who would be affected by the acquisition, shall be granted retirement incentives.

Duterte has earlier promised during election campaign to create a bank dedicated to the needs of OFWs.